When you buy a bottle of rum in the United States, by law nearly all the federal taxes on that rum must be sent to Puerto Rico and the U.S. Virgin Islands. It's an unusual system that Congress designed decades ago to help fund these two U.S. territories. In 2021 alone, these rum tax payments added up to more than $700 million. Puerto Rico and the Virgin Islands split the money according to how much rum each territory produces. And the territories produce a lot of it — especially Puerto Rico, which single handedly supplies the majority of the rum that Americans drink. But in 2008, the U.S. Virgin Islands pulled off a coup. It convinced one of the largest rum brands in the world, Captain Morgan, to abandon Puerto Rico and to shift its operations to the tiny island of St. Croix. This was the beginning of the Rum Wars. On today's show, the story of how a scheme designed to help Puerto Rico and the U.S. Virgin Islands turned them into bitter rivals. And how it ended up putting hundreds of millions of dollars a year — U.S. taxpayer dollars — into the pockets of big liquor companies instead. This episode was hosted by Jeff Guo and Sarah Gonzalez. It was produced by James Sneed with help from Sam Yellowhorse Kesler. It was edited by Molly Messick, engineered by Cena Loffredo, and fact checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

When you sit down to watch the Oscars, what you are really watching is the final battle in a months-long war of financial engineering and campaign strategy. Because in Hollywood, every year is an election year. A small army of Oscars campaign strategists help studios and streamers deploy tens of millions of dollars to sway Academy voters. And the signs of these campaigns are everywhere — from the endless celebrity appearances on late night TV to the billboards along your daily commute. On today's show, we hit the Oscars campaign trail to learn how these campaigns got so big in the first place. And we look into why Hollywood is still spending so much chasing gold statues, when the old playbook for how to make money on them is being rewritten. This episode was hosted by Alexi Horowitz-Ghazi. It was produced by Emma Peaslee and edited by Jess Jiang. It was engineered by Cena Loffredo and fact checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy